entity that cannot be found.” In the case of the transportation industry, this is most often unpaid damaged freight claims; interline freight cases that result in a credit balance; accounts payable vendors’ unpaid bills (due to inability to invoice properly) and liabilities out- standing checks; and outstanding pay- roll checks. By law, every business must deter-


mine if it is holding unclaimed property, and if so, determine if the property has been inactive or dormant for the appro- priate period. As of July 2015, Arkansas’s dormancy period for most property is 3 years. Next, businesses must exercise due diligence, for all property worth more than $50, in the form of written notice to the owners. Owners must be given at least 60 days to respond. Lastly, compa- nies must file the appropriate unclaimed property forms. “We have state officers who are


willing to conference with or meet with your company officers to ensure you have a workable plan [to comply with the state law],” Lee says. Lee urged anyone unsure of their


company’s unclaimed property status to log on to www.auditor.ar.gov or con- tact Josh Wood, compliance officer, via email at josh.wood@auditor.ar.gov.


VIRTUAL CREDIT CARDS AND WORKERS’ COMPENSATION LEGISLATION “Virtual credit cards can reduce


costs and paper, improve cash flow and work flow and streamline your payment process,” says Anthony Robinson, direc- tor, strategic sales with Comdata, dur- ing his presentation, “The Ins and Outs of Virtual Credit Cards.” According to Robinson, virtual


credit cards (VCCs) utilize technology similar to the chips in many new credit cards in that a unique, specific card number is created for each transaction, ensuring a more secure process. VCCs eliminate paper checks, which can be stolen or lost in the mail. Other benefits to the use of VCCs


through Comdata include monthly or annual rebates of a portion of the


ARKANSAS TRUCKING REPORT | Issue 5 2016


“ONE OF OUR IMMEDIATE GOALS IS TO BRING TOGETHER THE SMALLER AND BIG TRUCKING


COMPANIES, TO BRIDGE THE GAP BETWEEN THEM.” —JOSEPH KAISER, VICE PRESIDENT AND CHIEF


ACCOUNTING OFFICER FOR USA TRUCK AND ACCOUNTING & FINANCE COUNCIL CHAIRMAN


interchange fees; reduced costs—the VCC process cost 37 percent less than it cost to process a check; and participants receive a dedicated implementation team. For more information, log on to


www.comdata.com and click on the “payment solutions” tab. The final topic for the day was


workers’ compensation, presented by Guy Wade, attorney with Little Rock’s Friday Firm. Wade says recent changes to


Arkansas’s workers’ compensation law were not very advantageous to busi- nesses. Arkansas’s Workers Compensation


Special Funds was comprised of the Second Injury Trust Fund and the Death and Permanent Total Disability Trust Fund. The Second Injury Trust Fund ran out of money and has been dis- solved. The Death and Permanent Total Disability Trust Fund is running at a deficit. As of June 30, 2019 — if nothing is done — the fund will no longer accept new claims, so employers or their insur- ance carriers, according to Wade, will become responsible for new claims that would have been paid through the fund. During the next legislative sessions,


there will be a number of discussions including the subject of offsets. Wade says, “We want the legisla-


ture to create an offset for assuming that extra fund liability in 2019. One being, potentially, changes in subroga-


tion, which is the ability for employers to recover money paid in the workers’ compensation claim against the party that was responsible for causing the injury. Another would be the use of ODG (evidence-based medicine) in an effort to reduce medical costs for the carriers and employers.” There remain a number of ques-


tions and issues to be addressed, such as the proposed elimination of the major cause proof and the possibility of offset- ting the mental injury statute. Wade said the Workers’


Compensation Commission wants labor and management to work together to agree upon a package of issues to pres- ent to the state legislature. “This first meeting certainly met


my expectations,” Newton says. “The attendance today — made up of small and large carriers and a few vendors mixed in — demonstrated that people are looking for a venue to address their concerns as well as timely topics. Our goal is to ensure each meeting is worth their time.” Kaiser, chairman of the Accounting


& Finance Council, says it will continue to address pertinent topics, such as overall regulation of the industry in our region and the work opportunity tax credit, which he says, is a big topic for the trucking industry. The AFC meets quarterly; the next


meeting will be held Dec. 1 and is open to all ATA members. ATR


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